Government of Saskatchewan
Quick Search:
Thursday, August 28, 2014
Saskatchewan

CIC SELLS ITS INTEREST IN GREAT WESTERN BREWERY

Crown Investments Corporation (CIC) is selling its 80 per cent interest in

Great Western Brewing Company of Saskatoon to a group of private investors

which includes local business people, brewery management, and former board

members. Premier Lorne Calvert and members of the purchasing group made

the announcement today at the brewery in Saskatoon.



"We are very pleased to sell CIC's interest in the company to buyers who

are committed to the continued growth and success of Great Western,"

Premier Calvert said. "This is good news for the company and its

employees, as well as the people of Saskatoon and the local and provincial

economies."



The purchasing group is led by Great Western's CEO and president, Ron

Waldman, and former board members and business people Vaughn Wyant and

Maurice Duval. The group is buying CIC's interest for $4 million. A CIC

loan of $1.3 million will also be repaid.



The 16 founding employee shareholders, who own the remaining 20 per cent of

the company, will be offered options to maintain, increase or sell their

shares to the purchasing group. Shares will also be offered to employees

who are not currently shareholders.



"It is CIC's policy to sell its interest in a company when a good

opportunity arises, and that is exactly what we are doing here," Calvert

said. "CIC will recover its investment and realize a respectable return.

We are proud to have provided the support Great Western needed to get to

this stage in its development, and we anticipate a bright future for the

company."



Great Western Brewing Company is the only brewery in Saskatchewan. It has

won numerous awards for its beers, including recent bronze and silver

medals in the World Beer Cup for two of its light beers, Western Premium

Light and Brewhouse Light.



Great Western has approximately 85 employees. Carling O'Keefe started the

brewery in 1928. It was renamed Great Western in 1990 when it was

purchased by 16 employee shareholders using their severance packages and

government assistance.



- 30 -



For more information, contact:



Karen Schmidt Ron Waldman, President and CEO

Crown Investments Corporation Great Western Brewing Company

Regina Saskatoon

Phone: (306) 787-5889 Phone: (306) 653-4653

Cell: (306) 221-2131
Icon  News Archives



Home/About Government/News Releases
© 2014 Government of Saskatchewan. All rights reserved.